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The generic beta-blocker propranolol significantly weakened people’s fearful memories of spiders among a group of healthy volunteers who took it, said Merel Kindt, a psychologist at the University of Amsterdam, who led the study.

“We could show that the fear response went away, which suggests the memory was weakened,” Kindt said in a telephone interview.

The findings published in the journal Nature Neuroscience are important because the drug may offer another way to help people suffering from post-traumatic stress disorder and other problems related to bad memories.

Traditionally, therapists seek to teach people with such disorders strategies to build new associations and block bad memories. The problem, Kindt said, is the memories remain and people often relapse.

Animal studies have shown that fear memories can change when recalled, a process known as reconsolidation. At this stage they are also vulnerable to beta-blockers like propranolol, which target neurons in the brain, the researchers said.

Kindt and her team’s experiment included 60 men and women who learned to associate pictures of spiders with a mild shock. This experience created a fearful memory, the researchers said.

Other participants saw the same picture but did not receive an electrical shock. For these people this established a “safe” association without a fear response or bad memory.

One day later people given the drug had a greatly decreased fear response compared with people on the placebo when shown the picture and given a mild shock, the researchers said.

“There was no difference to the fear spider and the safe spider,” Kindt said. “This shows it is possible to weaken the underlying memory by interfering with it.”

What looked like a fireball streaked across the Texas sky Sunday morning, leading many people to call authorities to report seeing falling debris.

Preliminary reports from Williamson County officials said a small aircraft went down, and then officials said it was likely space debris from two satellites crashing.

The Federal Aviation Administration said Sunday that it received numerous reports across Texas of falling debris, which could have been related to a recent U.S.-Russian satellite collision.

FAA spokesman Roland Herwig said officials suspected the debris could be related to the collision, but he said that had not been confirmed.

News 8 received numerous calls saying debris was falling around midmorning Sunday, what looked like a meteor. Some of the callers reported what looked like a fireball in the sky.

Williamson County officials combed the area in a helicopter searching for any trace of a small aircraft landing, but were unable to find anything.

The FAA notified pilots on Saturday to be aware of possible space debris after a collision Tuesday between U.S. and Russian communication satellites.

The chief of Russia’s Mission Control said clouds of debris from the collision will circle Earth for thousands of years and threaten numerous satellites.

Japan’s gross domestic product contracted 3.3 percent from the previous quarter, or an annual pace of 12.7 percent, in the October-December period, the government said Monday.

That was worse than expected and the steepest slide for Japan since the oil shock in 1974. It is more than triple the 3.8 percent annualized contraction in the U.S. in the same quarter.

“There is no question that this is the worst economic crisis since the end of World War II,” said Economy Minister Kaoru Yosano. “The outcome clearly shows that Japan’s export-dependent economy has been severely hit.”

Chief Cabinet Secretary Takeo Kawamura went further, calling the economic downturn a once-in-a-century calamity.

Rattled officials hinted they may soon call for more government steps to stem the widening damage but urged lawmakers to first give final approval to a $52.2 billion extra budget, which includes cash payouts to taxpayers.

Already, Toyota Motor Corp., Sony Corp. and a slew of other companies have announced deep job cuts and projected net losses for the fiscal year through March. The yen’s appreciation, which erodes income from abroad, has only intensified the pain.

The fallout has begun to penetrate families, which are spending less amid rising unemployment and withering confidence.

Japan’s economy — the world’s second-largest — has now contracted for three straight quarters and is almost certainly headed for a fourth.

The first three months of the year will likely be “another horrifying quarter,” said Kyohei Morita, chief economist at Barclays Capital in Tokyo, who predicts GDP to contract an annualized 10 percent during the period.

Noe Ramirez, who stepped down as chief of the SIEDO federal investigation unit in July last year, was detained in November for allegedly receiving $450,000 for passing secrets to the Sinaloa cartel, headed by Mexico’s top drug fugitive Joaquin “Shorty” Guzman.

Mexico’s police force is riddled with corruption and the arrest of the country’s top drug prosecutor has been the biggest catch so far in a sweeping probe to smoke out cops and government officials working for drug smugglers.

Two other anti-drug agents were jailed in 2008 for taking bribes of up to $500,000 from the Beltran Leyva gang, which recently split from the northern Pacific Coast Sinaloa cartel.

As the audit spread across Wal-Mart’s U.S. operations, the mystery thickened. Stores from Arkansas to Washington began reporting missing signs. They numbered in the hundreds at first, then the thousands. Last month Wal-Mart disclosed that about 15,800 of its exit signs – a stunning 20 per cent of its total inventory – are lost, missing, or otherwise unaccounted for at 4,500 facilities in the United States and Puerto Rico.

Poor housekeeping, certainly, but what’s the big deal?

In a word: radiation.

The signs contain tritium gas, a radioactive form of hydrogen. Tritium glows when it interacts with phosphor particles, a phenomenon that has led to the creation of glow-in-the-dark emergency exit signs.

It’s estimated there are more than 2 million tritium-based exit signs in use across North America.

It turns out that Ontario-based companies SRB Technologies (Canada) Inc. of Pembroke and Shield Source Inc. of Peterborough have sold the lion’s share of these signs, which use tritium produced as a by-product from the operation of Canadian-made Candu nuclear reactors.

The health effects of tritium exposure continue to be a hot topic of debate. It’s not strong enough to penetrate the skin, and in low quantities regulators and industry groups say tritium is safe. But when inhaled or ingested it can cause permanent changes to cells and has been linked to genetic abnormalities, developmental and reproductive problems and other health issues such as cancer.

“The problem is that because it’s hydrogen it can actually become part of your body,” says Shawn-Patrick Stensil of Greenpeace Canada. “The radiation doesn’t emit far, but when it actually becomes part of your cell it’s right next to your DNA. So for a pregnant woman, for example, it can be really dangerous.”

General exposure from one broken sign might be the equivalent of getting up to three chest X-rays, even though today we no longer give pregnant women X-rays. If tritium is ingested, for example, by a child who breaks a sign with a hockey stick, it’s much more potent. If only 5 per cent of the tritium in a large exit sign is ingested, it would be equivalent to 208 years of natural background radiation, according to a report from the Product Stewardship Institute at the University of Massachusetts.

And what about exposure from thousands of signs dumped near a source of drinking water, or packed with explosives in the back of a truck that has been driven into a crowded building?

“I’m sure thousands of them would create a credible dirty bomb,” says Norm Rubin, director of nuclear research at Energy Probe in Toronto. “Most experts think the main purpose of a dirty bomb is to cause panic, disruption and expensive cleanup rather than lots of dead bodies. A bunch of tritium, especially if oxidized in an explosion, would probably do that job fine.”

Tritium is also a component in nuclear warheads. In 2005, SRB Technologies got permission from the Canadian Nuclear Safety Commission to export 70,000 of its tritium exit signs to Iran. Foreign Affairs Canada blasted the regulator for allowing shipment to a country that’s attempting to develop weapons of mass destruction. The shipment went through.

South of the border, the U.S. Nuclear Regulatory Commission appears more concerned with tritium contamination of landfills and the threat of leaching into drinking water. The agency regulates the use of tritium devices, requiring the reporting of lost, stolen or broken property and proper cleanup and disposal.

“Throughout the whole process we stayed in very close contact with the NRC and received their guidance,” said Wal-Mart spokesperson Daphne Davis Moore. “We no longer use these signs in our stores.”

Wal-Mart’s poor recordkeeping was a wake-up call for the nuclear agency, which in January sternly reminded users of the signs of their regulatory obligations. At the same time, it assured the public there’s nothing to worry about.

Still, the agency was concerned enough to demand that any organization possessing 500 or more tritium exit signs conduct audits and report their findings within 60 days. The list included Home Depot, AMC Theatres and a number of universities and schools.

Wal-Mart Canada says it has a few tritium exit signs in most of its stores. “We’ve gone back over our records and have not found any reason for concern,” said spokesperson Kevin Groh. “We are doing an audit to get an accurate inventory.” The difference, in Canada, is they don’t have to do it. Users of the signs are not licensed in Canada as long as the product is properly marked as radioactive, according to the Canadian Nuclear Safety Commission. This makes it difficult to determine exactly how many tritium signs exist in Canada and where they end up.

Stensil of Greenpeace said it’s a strange way for a government to treat a radioactive device, but he’s not surprised. He said the federal government has always had lax rules when it comes to tritium, partly because Canada, through its Candu nuclear plants, is one of the biggest producers of the substance in the world.

Dorothy Goldin Rosenberg, who teaches environmental health at the University of Toronto, said there’s a double standard in Canada when it comes to regulating tritium. Permissible levels in drinking water here are 100 times greater than in Europe and more than 400 times greater than in California.

She was shocked when told about the 15,800 missing tritium signs at Wal-Mart, but even more surprised to learn that use of such signs isn’t tracked or monitored in Canada.

Credit ratings agency Moody’s recently followed rival Standard & Poor’s in warning it might downgrade Irish debt, amid fears that one of Europe’s former success stories is falling into a deepening recession. The cost to hedge against losses on Irish debt tripled last week to a record 355 basis points – meaning that for every £100 of debt, investors have to pay £3.55 to insure against default, according to data firm CMA Datavision. It was about 262 basis points at the end of January.

Moody’s has warned there is a more than 50% chance Ireland will lose its triple A rating within 12 to 18 months.

The spread between Irish and German debt rose last week to 203 points, meaning Ireland has to pay 2% more interest than Germany to borrow in the financial markets because of its perceived higher risk.

Ireland last week announced an additional €7bn (£6.3bn) injection into its top banks, Bank of Ireland and Allied Irish Banks, which are suffering from an increase in bad loans. Thousands of Irish citizens are struggling to pay their mortgages which they arranged at the peak of the country’s real estate bubble. Unemployment is at a 15-year high.

If mishandled by the world policy establishment, this debacle is big enough to shatter the fragile banking systems of Western Europe and set off round two of our financial Götterdämmerung.

Austria’s finance minister Josef Pröll made frantic efforts last week to put together a €150bn rescue for the ex-Soviet bloc. Well he might. His banks have lent €230bn to the region, equal to 70pc of Austria’s GDP.

“A failure rate of 10pc would lead to the collapse of the Austrian financial sector,” reported Der Standard in Vienna. Unfortunately, that is about to happen.

The European Bank for Reconstruction and Development (EBRD) says bad debts will top 10pc and may reach 20pc. The Vienna press said Bank Austria and its Italian owner Unicredit face a “monetary Stalingrad” in the East.

Mr Pröll tried to drum up support for his rescue package from EU finance ministers in Brussels last week. The idea was scotched by Germany’s Peer Steinbrück. Not our problem, he said. We’ll see about that.

Stephen Jen, currency chief at Morgan Stanley, said Eastern Europe has borrowed $1.7 trillion abroad, much on short-term maturities. It must repay – or roll over – $400bn this year, equal to a third of the region’s GDP. Good luck. The credit window has slammed shut.

Not even Russia can easily cover the $500bn dollar debts of its oligarchs while oil remains near $33 a barrel. The budget is based on Urals crude at $95. Russia has bled 36pc of its foreign reserves since August defending the rouble.

“This is the largest run on a currency in history,” said Mr Jen.

In Poland, 60pc of mortgages are in Swiss francs. The zloty has just halved against the franc. Hungary, the Balkans, the Baltics, and Ukraine are all suffering variants of this story. As an act of collective folly – by lenders and borrowers – it matches America’s sub-prime debacle. There is a crucial difference, however. European banks are on the hook for both. US banks are not.

Almost all East bloc debts are owed to West Europe, especially Austrian, Swedish, Greek, Italian, and Belgian banks. En plus, Europeans account for an astonishing 74pc of the entire $4.9 trillion portfolio of loans to emerging markets.

They are five times more exposed to this latest bust than American or Japanese banks, and they are 50pc more leveraged (IMF data).

Spain is up to its neck in Latin America, which has belatedly joined the slump (Mexico’s car output fell 51pc in January, and Brazil lost 650,000 jobs in one month). Britain and Switzerland are up to their necks in Asia.

Whether it takes months, or just weeks, the world is going to discover that Europe’s financial system is sunk, and that there is no EU Federal Reserve yet ready to act as a lender of last resort or to flood the markets with emergency stimulus.

Under a “Taylor Rule” analysis, the European Central Bank already needs to cut rates to zero and then purchase bonds and Pfandbriefe on a huge scale. It is constrained by geopolitics – a German-Dutch veto – and the Maastricht Treaty.

But I digress. It is East Europe that is blowing up right now. Erik Berglof, EBRD’s chief economist, told me the region may need €400bn in help to cover loans and prop up the credit system.

Europe’s governments are making matters worse. Some are pressuring their banks to pull back, undercutting subsidiaries in East Europe. Athens has ordered Greek banks to pull out of the Balkans.

The sums needed are beyond the limits of the IMF, which has already bailed out Hungary, Ukraine, Latvia, Belarus, Iceland, and Pakistan – and Turkey next – and is fast exhausting its own $200bn (€155bn) reserve. We are nearing the point where the IMF may have to print money for the world, using arcane powers to issue Special Drawing Rights.

Its $16bn rescue of Ukraine has unravelled. The country – facing a 12pc contraction in GDP after the collapse of steel prices – is hurtling towards default, leaving Unicredit, Raffeisen and ING in the lurch. Pakistan wants another $7.6bn. Latvia’s central bank governor has declared his economy “clinically dead” after it shrank 10.5pc in the fourth quarter. Protesters have smashed the treasury and stormed parliament.

“This is much worse than the East Asia crisis in the 1990s,” said Lars Christensen, at Danske Bank.

“There are accidents waiting to happen across the region, but the EU institutions don’t have any framework for dealing with this. The day they decide not to save one of these one countries will be the trigger for a massive crisis with contagion spreading into the EU.”

Europe is already in deeper trouble than the ECB or EU leaders ever expected. Germany contracted at an annual rate of 8.4pc in the fourth quarter.

If Deutsche Bank is correct, the economy will have shrunk by nearly 9pc before the end of this year. This is the sort of level that stokes popular revolt.

The implications are obvious. Berlin is not going to rescue Ireland, Spain, Greece and Portugal as the collapse of their credit bubbles leads to rising defaults, or rescue Italy by accepting plans for EU “union bonds” should the debt markets take fright at the rocketing trajectory of Italy’s public debt (hitting 112pc of GDP next year, just revised up from 101pc – big change), or rescue Austria from its Habsburg adventurism.

So we watch and wait as the lethal brush fires move closer.

After months of heavy buying, gun dealers across the state are experiencing shortages.

Some say it began with the election of President Barack Obama. Others say it’s about the economic downturn or fear of crime. Whatever the reasons, ammunition has been selling like plywood and bottled water in the days before a hurricane.

“The survivalist in all of us comes out,” said John Ritz, manager of East Orange Shooting Sports in Winter Park. “It’s more about protecting what you have.”

Demand for bullets is so strong that suppliers are restricting deliveries.

“Where we used to get 20 to 30 cases [in a shipment], we may get two to three cases now,” said Vic Grechniw of Florida Ammo Traders in Tampa. “The supply just isn’t there. . . . Everybody is pretty much rushing out to get their hands on whatever they can.”

Most in demand is handgun ammunition, including 9 mm and .45-caliber for semiautomatic pistols and .38-caliber for revolvers. Clerks at local Walmart stores, including Apopka and Kissimmee, say those sizes, along with .22-caliber, are on back order at the chain’s warehouses.

American gun owners buy about 7 billion rounds of ammunition yearly, according to the National Rifle Association. It has been warning its several million members that Obama favors raising taxes on bullets to make them prohibitively expensive.

“Anecdotal evidence certainly suggests that the demand for ammunition is continuing to increase, and that is certainly attributable to gun owners’ concerns with the current administration,” said Ted Novin, a spokesman for the National Shooting Sports Foundation, a trade association representing 4,700 members.

The scarcity of bullets piggybacked on more widely publicized sales of assault rifles.

“Everybody kind of got caught with their pants down,” Larry Anderson, manager of Shoot Straight in Apopka, said about the demand for bullets, which surprised even longtime gun dealers.

Each day he spends one to two hours on the phone talking to suppliers to buy ammunition for Shoot Straight’s store and shooting ranges in Apopka, Casselberry and Tampa.

“We’re fortunate with the buying power we’ve got and the connections we’ve got,” Anderson said.

Despite being able to buy 100,000 rounds at a time, Shoot Straight can’t find any copper-jacketed bullets for .380-caliber pistols, popular as concealed weapons. The shops have adequate supplies of other calibers.

“You’ve got to beat the bushes and take deals,” Anderson said. “Now I take whatever I can get instead of being finicky.”

National chains are seeing the same increased levels of customers buying guns and ammunition in recent months, said Larry L. Whiteley, a spokesman for Bass Pro Shops.

“Why, we don’t know,” he said.

One major regional manufacturer, Georgia Arms, has seen bullet sales jump 100 percent since the November election.

“People are just stockpiling,” said company spokeswoman Judy Shipley. “A gun is just like a car. If you can’t get gas, you can’t use it.”

Georgia Arms sells more than 100 types of ammunition for handguns, shotguns and rifles at gun shows from South Florida as far north as Virginia. It now cautions online buyers, “Attention: Due to a huge increase in demand, our shipping times have been delayed 5-7 weeks on most orders. Please be patient with us and know we will fill your orders ASAP.”

Demand has been so strong for all things gun that the Oak Ridge Gun Range south of Orlando is moving to a new, larger range in three weeks.

“It used to be you’d order bullets and get them in the next day. Now it can take a couple of months,” said owner John Harvey, who has seen demand for state concealed-weapons classes increase 300 percent since the election.

“I haven’t been able to get any smaller concealed guns that I’d recommend come in in two months,” Harvey said. “Basically, Smith & Wesson is out of Smith & Wesson.”

The latest surge is pushing already high costs still higher.

“It was going up long before the political thing got started,” Drew Huy, owner since 1981 of Ammo Attic in Melbourne, said of prices that have increased as much as 40 percent in recent years.

He and other dealers, including Ritz, attributed rising costs to shortages of brass, copper and lead brought on by the industrial consumption in India and China. In addition, rising fuel prices dramatically increased shipping costs for ammunition, heavy by nature.

“I’m spending a lot more on it now [to buy it] than I was selling it for two years ago,” Ritz said. At his shop in Winter Park he has seen the cost of bullets rise as much as 10 percent every three months for the past two years.

Suppliers to law-enforcement agencies are doing better than retail shops.

“We’re in good shape,” said Tom Falone of Florida Bullet in Clearwater, who sells Federal and Spear brand ammunition to police departments and sheriff’s offices. The only slight problem has been obtaining .40-caliber bullets, and those are delivered within 30 days.

‘(1) IN GENERAL- It shall be unlawful for any person other than a licensed importer, licensed manufacturer, licensed dealer, or licensed collector to possess a qualifying firearm on or after the applicable date, unless that person has been issued a firearm license–

‘(A) under title I of Blair Holt’s Firearm Licensing and Record of Sale Act of 2009, which license has not been invalidated or revoked under that title; or

‘(B) pursuant to a State firearm licensing and record of sale system certified under section 602 of Blair Holt’s Firearm Licensing and Record of Sale Act of 2009, which license has not been invalidated or revoked under State law.

‘(2) APPLICABLE DATE- In this subsection, the term ‘applicable date’ means–

‘(A) with respect to a qualifying firearm that is acquired by the person before the date of the enactment of Blair Holt’s Firearm Licensing and Record of Sale Act of 2009, 2 years after such date of enactment; and